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Feb 1, 2007

Quest Enters Near-Patient Testing Market with $420M Acquisition

  • Quest Diagnostics is adding point-of-care capabilities to its existing diagnostic testing and information and services by procuring HemoCue for $420 million. "Technology is enabling diagnostic testing to move closer to the patient, and the acquisition of HemoCue and its exciting product pipeline gives us a strong presence in this emerging market," comments Surya N. Mohapatra, Ph.D., chairman and CEO of Quest Diagnostics.

    Quest does not expect the transaction to have a material impact on its 2007 financial results. HemoCue has annualized revenues of approximately $90 million.

    HemoCue has a product pipeline that is based on the use of its patented microfluidic systems and is currently developing new tests, including one to determine white blood cell counts.

    Quest reports that the acquisition complements its own efforts in near-patient testing for infectious disease and cancer, including new tests for colorectal cancer screening and herpes simplex virus type 2.

    In addition, Quest will make HemoCue's handheld systems compatible with its Care360 portal, which enables doctors to store, access, and share patient information. The Care360 portal provides physicians with 24/7 access to lab and medication records, patient medical history, and remote ordering of lab testing or e-prescribing." Linking near-patient testing devices to our proprietary Care360 patient-centric physician portal can provide longitudinal test reporting on a patient regardless of how or where a test was performed,” Dr. Mohapatra points out. “This will help doctors improve the way they diagnose, monitor, and treat disease."



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